SolarCity said to be considering IPO

SPOTLIGHT ON TECHNOLOGY

Peter Newcomb, Bloomberg News

Updated 11:22 am, Tuesday, November 13, 2012

Photo: SolarCity

Image 1of/1

Caption

Close

Image 1 of 1

SolarCity workers install solar panels on rooftops at Hickam Communities at Joint Base Pearl Harbor-Hickam, where developer Lend Lease and SolarCity have partnered on the first SolarStrong-eligible project.SolarCity workers install solar panels on rooftops at Hickam Communities at Joint Base Pearl Harbor-Hickam, where developer Lend Lease and SolarCity have partnered on the first SolarStrong-eligible project (Photo: Business Wire)
Ran on: 09-08-2011
SolarCity workers install solar panels on rooftops at Hickam Communities at Joint Base Pearl Harbor-Hickam in Hawaii, where the first work of the huge project has begun.
Ran on: 11-30-2011
SolarCity workers install solar panels on the roofs of military housing units at Hawaii's Joint Base Pearl Harbor- Hickam, part of a five-year, $1 billion program. less

SolarCity workers install solar panels on rooftops at Hickam Communities at Joint Base Pearl Harbor-Hickam, where developer Lend Lease and SolarCity have partnered on the first SolarStrong-eligible ... more

Photo: SolarCity

SolarCity said to be considering IPO

1 / 1

Back to Gallery

SolarCity Corp., the developer of rooftop solar power systems whose chairman is Elon Musk, is preparing to file for an initial public offering, three people with knowledge of the matter said.

The San Mateo company, which lost a federal loan guarantee in the wake of Solyndra LLC's bankruptcy, might file with the Securities and Exchange Commission next month, said one of the people, who asked not to be identified because the matter is private. The IPO is expected to value the company at more than $1.5 billion, the person said.

The offering would catapult Musk into the ranks of the world's billionaires. He owns a 26 percent stake in electric-car maker Tesla Motors Inc. worth more than $650 million. His 25 percent stake in SolarCity would be valued at $375 million at the valuation the company is seeking.

A phone call to Jonathan Bass, a spokesman for SolarCity, wasn't immediately returned.

Nike to Investigate Workplace Behavior, Announces President will ResignWibbitz

McDonald's flips its arches for Women's DayEuronews

Fearless Girl artist reflectsFox5

How Stephen Hawking Outlived His Prognosis For So LongBuzz 60

Snap to Layoff Over 120 EngineersWibbitz

This Is The Best Restaurant Chain in AmericaBuzz 60

'Curly' the Curling Robot Loses Game to HumansRuptly TV

At $1.5 billion, the company would be valued at more than twice what research firm GSV Insight estimated in December. On secondary exchange SharesPost Inc., the most recent SolarCity transaction was on Jan. 1, at $23 per share, giving the company an implied valuation of $828 million. In November, SolarCity said it would move forward on a $1 billion solar rooftop project for military housing with financing from Bank of America.

Musk owns more than 70 million shares of closely held rocket maker Space Exploration Technologies Corp., also known as SpaceX. Recent transactions in the private market have pegged his stake in the company at about $875 million.